How much equity can I take out of my home with a refinance?

You can borrow up to 80% of your home's appraised value, minus what you still owe. The refinance payout goes directly toward clearing the debts you choose at closing.

If you break your mortgage contract mid-term, your lender may charge a prepayment penalty. We compare your interest savings with any penalty so you can see whether refinancing now creates a net saving.

A refinance needs an updated home appraisal and legal work to change the charge on title. It is also a new mortgage, so it is tested at the stress test rate.

Rules and figures current as of October 2026.